Savings Accounts or better ideas...

[Funkstar]

Here is something i've been wondering: Say i have a couple of years worth of ISA investment in a cash account. Can i move that into another account and still be able to invest the current years allocation? Or would i need to keep it where it is and start a fresh the following year with another fund?

[Rave]

You can move cash ISAs, however some providers charge a penalty apparently. It's all on this article:

http://www.moneysavingexpert.com/savings/best-cash-isa

Personally I wouldn't be putting money into unit trusts if I was just saving up for something in the short term- for a start, the fees to get in and out could well wipe out any gains you make over and above the interest on a cash ISA, and more importantly, I think stock markets worldwide are way overvalued, as are most commodities. Personally I'm wondering if there's a way to use my ISA allowance to buy put options on the FTSE....

<disclaimer- I've been bearish a long time and so far I've been wrong>

[Barrichello]

I would echo what Tobeman has said.

If you want to maximise performance then i would avoid mini cash isa's and go the way of the maxi ISA. Spread your money over a a few good oeics "oiks"

Why sit your savings on a highs street mini cash isa - getting only the paltry sum of between 5% or 6% a year when there are leading funds available that give you a return of up to 70+% a year.

Rave you mention fees but if you go through a good discount broker such as www.h-l.co.uk the fees are discounted heavily. For example one of my leading funds JP Morgan Natural Resources has a fee off 5.50% but h&l give you a 5.50% discount (so in most cases the only fee you pay is the basic 1.50% annual charge.

The best perfoming fund i was lucky enough to get into was Gartmore China ops. Since i fed in £5k last November 2006 it has increased by 70% (£8500)

Despite the states willing it down, nothing seems to be holding the Asian economy back, and most funds weighted heavily in China are showing similar results as the above.

[LWA]

I used to use ISAs however the restriction of paying &#163;3000 in a year was a pain (For example, if I paid in &#163;2000, the withdrew &#163;1000, I was still only able to pay in another &#163;1000 as that would take me to the &#163;3000 limit).

I'd recommend an online savings account. My current one is with Sainsbury's which offers 6.00&#37; AER.

[GeorgeTuk]

I used to use ISAs however the restriction of paying &#163;3000 in a year was a pain (For example, if I paid in &#163;2000, the withdrew &#163;1000, I was still only able to pay in another &#163;1000 as that would take me to the &#163;3000 limit).

I'd recommend an online savings account. My current one is with Sainsbury's which offers 6.00&#37; AER.

Yeah its either Sainsbury or ING Direct savings account old school I know but the ISA business just seems too complicated and too inflexible for what I need at the moment.

[LWA]

Yeah its either Sainsbury or ING Direct savings account old school I know but the ISA business just seems too complicated and too inflexible for what I need at the moment.

Inflexible is exactly the right word. I need an account whereby I can put in any spare money in order for it to acrue a decent amount of interest.

I can recommend the Sainsbury's account as I have been using it for a while and had no problems.

[dangel]

I offset against my mortgage - as has been said it knocks loads of interest off repayments and has the added benefit of being tax free (makes doing those tax returns a little easier..) as you're not 'earning' anything (just paying less back..). Couple that with overpayment and the ability to withdraw (borrow) against it, it's hard to knock back.